Embrace Change Acquisition Corp. (EMCG) has released an update.
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Embrace Change Acquisition Corp. extended its deadline to complete a business combination by one month, thanks to a $100,000 loan from its CFO Zheng Yuan, who deposited the funds into the company’s trust account. This interest-free promissory note is repayable upon the success of the company’s initial business combination and can be converted into company units at $10 each. These units carry the same rights and terms as those given to private investors during the company’s IPO, with an option for conversion and exercise for ordinary shares under specified agreements.
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